Registration Rights Agreement



 Exhibit 10.1 
  
 REGISTRATION RIGHTS AGREEMENT 
  

BY AND AMONG 
  
 EXTRA SPACE STORAGE INC. 
  
 AND 
  
 CERTAIN PERSONS

  
 LISTED ON SCHEDULE 1 HERETO 
  
 dated as of 
  
 August [    ], 2004 







 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page


	 SECTION 1.
	  	DEFINITIONS	  	1
			
	 SECTION 2.
	  	SHELF REGISTRATIONS	  	3
			
	 SECTION 3.
	  	BLACK-OUT PERIODS	  	4
			
	 SECTION 4.
	  	REGISTRATION PROCEDURES	  	4
			
	 SECTION 5.
	  	INDEMNIFICATION	  	7
			
	 SECTION 6.
	  	MARKET STAND-OFF AGREEMENT.	  	9
			
	 SECTION 7.
	  	COVENANTS RELATING TO RULE 144	  	9
			
	 SECTION 8.
	  	MISCELLANEOUS	  	10

  

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 REGISTRATION RIGHTS AGREEMENT 
  
 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August
    , 2004, is made and entered into by and among Extra Space Storage Inc., a Maryland corporation (the “Company”), and certain persons listed on Schedule 1 hereto (such persons, in their
capacity as holders of Registrable Securities, the “Holders” and each the “Holder”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in Section 1 hereto.

  
 WITNESSETH: 
  
 WHEREAS, the Company and certain members of Extra Space Storage LLC, a
Delaware limited liability company (“ESS LLC”), listed under paragraph (a) of Schedule 1 hereto (the “Members”) in connection with the initial public offering of the Company have entered into an
Exchange and Subscription Agreement, dated as of August     , 2004, pursuant to which such Members subscribed for (i) shares of common stock, par value $.01 per share, of the Company (such subscribed shares in the
aggregate, the “Common Shares”), and (ii) contingent conversion shares, par value $.01 per share, of the Company (such subscribed shares in the aggregate, the “CC Shares”) and pursuant to which the
Company agreed that the Company shall issue to the Members the Common Shares and the CC Shares; and 
  
 WHEREAS, Extra Space Storage LP, a Delaware limited partnership (“ESS OP”), and certain persons listed under paragraph (b) of
Schedule 1 hereto in connection with the initial public offering of the Company have entered into certain contribution agreements, pursuant to which such persons contributed their membership interests in, and other rights with respect to, ESS
LLC and certain subsidiaries and joint ventures of ESS LLC in exchange for (i) operating partnership units of ESS OP exchangeable, under certain circumstances, into the Common Shares on a one-for-one basis (such exchanged units in the aggregate, the
“OP Units”) and (ii) contingent conversion units of ESS OP (such exchanged units in the aggregate, the “CC Units”); and 
  
 WHEREAS, the Company desires to enter into this Agreement with the Holders in order to grant the Holders the registration
rights contained herein. 
  
 NOW, THEREFORE, in consideration of
the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 Section 1. Definitions. As used in this Agreement, the following
terms shall have the following meanings: 
  
 “Affiliate” shall mean, when used with reference to a specified Person, (i) any Person that directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the
specified Person; (ii) any Person who, from time to time, is a member of the Immediate Family of a specified Person; (iii) any Person who, from time to time, is an officer or director or manager of a specified Person; or (iv) any Person who,
directly or indirectly, is the beneficial owner of 50% or more of any class of equity securities or other ownership interests of the specified Person, or of which the specified Person is directly or indirectly the owner of 50% or more of any class
of equity securities or other ownership interests. 







 “Agreement” shall mean this Registration Rights Agreement as originally executed
and as amended, supplemented or restated from time to time. 
  
 “Board” shall mean the Board of Directors of the Company. 
  
 “Business Day” shall mean each day other than a Saturday, a Sunday or any other day on which banking institutions in the State of New York are authorized or obligated by law or executive order
to be closed. 
  
 “Common Shares” shall
have the meaning set forth in the Recitals hereof. 
  
 “OP Units” shall have the meaning set forth in the Recitals hereof. 
  
 “CC Shares” shall have the meaning set forth in the Recitals hereof. 
  
 “CC Units” shall have the meaning set forth in the Recitals hereof. 
  
 “Commission” shall mean the Securities and Exchange
Commission and any successor thereto. 
  
 “Company” shall have the meaning set forth in the introductory paragraph hereof. 
  
 “Control” (including the terms “Controlling,” “Controlled by” and
“under common Control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person through the ownership of Voting Power, by contract or
otherwise. 
  
 “ESS LLC” shall have the
meaning set forth in the introductory paragraph hereof. 
  
 “ESS OP” shall have the meaning set forth in the Recitals hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law) and
the rules and regulations thereunder. 
  
 “Holder” shall mean each holder of the Common Shares, CC Shares, OP Units and/or CC Units, listed in Schedule 1 hereto, in his, her or its capacity as a holder of Registrable Securities. For purposes of this
Agreement, the Company may deem and treat the registered holder of a Registrable Security as the Holder and absolute owner thereof, unless notified to the contrary in writing by the registered Holder thereof. 
  
 “IPO” means an underwritten initial public offering
by the Company of the Common Shares pursuant to an effective registration statement filed with the Commission under the Securities Act, or any comparable document under any similar federal statute then in force. 
  
 “Market Value” shall mean, as of any date, the
average closing price of the Registrable Securities on the principal national securities exchange or national quotation system in which the Registrable Securities are admitted for trading or quotation over the ten trading days preceding such date,
or if closing prices are not available, the average of the averages of the closing bid and asked prices over such period on such exchange or system. 
  
 “Members” shall have the meaning set forth in the Recitals hereof. 
  
 “Person” shall mean any individual, partnership, corporation, limited liability company, joint
venture, association, trust, unincorporated organization or other governmental or legal entity. 
  

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 “Public Offering” shall mean any offering of Registrable Securities to the public
pursuant to an effective registration statement filed with the Commission under the Securities Act, or any comparable document under any similar federal statute then in force. 
  
 “Registrable Securities” shall mean at any time a class of equity securities of the Company or of a
successor to the entire business of the Company which (i) are (A) the Common Shares and (B) the Common Shares that may be acquired by the Holders in connection with the exercise by such Holders of the exchange rights associated with the CC Shares
and OP Units and (ii) are of a class of securities that are listed for trading on a national securities exchange; provided, however, such Registrable Securities shall cease to be Registrable Securities when (A) a registration statement
with respect to the sale of such Registrable Securities shall have become effective under the Securities Act and all such Registrable Securities shall have been disposed of in accordance with such registration statement, (B) such Registrable
Securities shall have been sold in accordance with Rule 144 (or any successor provision) under the Securities Act, (C) such Registrable Securities become eligible to be publicly sold without limitation as to amount or manner of sale pursuant to Rule
144(k) (or any successor provision) under the Securities Act, or (D) such Registrable Securities have ceased to be outstanding. 
  
 “Registration Expenses” shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company
incurred in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any special audits or “comfort” letters required by or incident to such performance and compliance, and any premiums
and other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and (ii) all registration, filing and stock exchange fees, all fees and expenses of complying with securities or
“blue sky” laws, all fees and expenses of custodians, transfer agents and registrars, all printing expenses, messenger and delivery expenses and any fees and disbursements of one common counsel retained by a majority of the Registrable
Securities; provided, however, “Registration Expenses” shall not include any out-of-pocket expenses of the Holders, transfer taxes, underwriting or brokerage commissions or discounts associated with effecting any sales
of Registrable Securities that may be offered, which expenses shall be borne by each Holder of Registrable Securities on a pro rata basis with respect to the Registrable Securities so sold. 
  
 “Securities Act” shall mean the Securities Act of
1933, as amended (or any successor corresponding provision of succeeding law), and the rules and regulations thereunder. 
  
 “Shelf Registration Statement” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Stand-Off Period” shall have the meaning set forth
in Section 6 hereof. 
  
 “Voting
Power” shall mean voting securities or other voting interests ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of board members or Persons performing substantially
equivalent tasks and responsibilities with respect to a particular entity. 
  
 Section 2. Shelf Registrations. 
  
 a. Shelf Registration. The Company agrees to use commerically reasonable efforts to file with the Commission no later than 14 months following the completion of the IPO and during a period of time that the issuer of the Registrable
Securities is eligible to use Form S-3 (or any similar or successor form), a registration statement under the Securities Act on Form S-3 (or any similar or successor form) for the offering on a continuous or delayed basis in the future covering
resales of the Registrable Securities (the “Shelf Registration Statement”), and will use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as

  

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 practicable thereafter. The Shelf Registration Statement shall be on an appropriate form and the registration statement
and any form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method of sale as the Holders may from time to time notify the Company. 
  
 b. Effectiveness. The Company shall use commercially reasonable
efforts to keep the Shelf Registration Statement continuously effective for the period beginning on the date on which the Shelf Registration Statement is declared effective and ending on the date that all of the Registrable Securities registered
under the Shelf Registration Statement cease to be Registrable Securities. During the period that the Shelf Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration Statement, if required by the
Securities Act or if reasonably requested by the Holders (whether or not required by the form on which the securities are being registered), including to reflect any specific plan of distribution or method of sale, and shall use its commercially
reasonable efforts to have such supplements and amendments declared effective, if required, as soon as practicable after filing. 
  
 Section 3. Black-Out Periods. 
  
 Notwithstanding anything herein to the contrary, the Company shall have the right, exercisable from time to time by delivery of a notice authorized by the
Board, on not more than two occasions in any 12-month period, to require the Holders not to sell pursuant to a registration statement or similar document under the Securities Act filed pursuant to Section 2 or to suspend the effectiveness
thereof if at the time of the delivery of such notice, the Board has considered a plan to engage no later than 60 days following the date of such notice in a firm commitment underwritten public offering or if the Board has reasonably and in good
faith determined that such registration and offering, continued effectiveness or sale would materially interfere with any material transaction involving the Company; provided, however, that in no event shall the black-out period extend
for more than 60 days on any such occasion. The Company, as soon as practicable, shall (i) give the Holders prompt written notice in the event that the Company has suspended sales of Registrable Securities pursuant to this Section 3, (ii)
give the Holders prompt written notice of the completion of such offering or material transaction and (iii) promptly file any amendment necessary for any registration statement or prospectus of the Holders in connection with the completion of such
event. 
  
 Each Holder agrees by acquisition of the Registrable
Securities that upon receipt of any notice from the Company of the happening of any event of the kind described in this Section 3, such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the registration
statement relating to such Registrable Securities until such Holder’s receipt of the notice of completion of such event. 
  
 
Section 4. Registration Procedures. 
  
 a. In connection with the filing of any registration statement as provided in this Agreement, the Company shall use commercially reasonable efforts to, as expeditiously as reasonably practicable: 
  
 (i) prepare and file with the Commission the requisite
registration statement (including a prospectus therein and any supplement thereto) to effect such registration and use its commercially reasonable efforts to cause such registration statement to become effective; provided, however,
that before filing such registration statement or any amendments or supplements thereto, the Company will furnish copies of all such documents proposed to be filed to counsel for the sellers of Registrable Securities covered by such registration
statement and provide reasonable time for such sellers and their counsel to comment upon such documents if so requested by a Holder; 
  

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 (ii) prepare and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to maintain the effectiveness of such registration and to comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by such registration statement during the period in which such registration statement is required to be kept effective; 
  
 (iii) furnish to each Holder of the securities being registered, without charge, such number of conformed copies of such registration
statement and of each such amendment and supplement thereto (in each case including all exhibits) other than those which are being incorporated into such registration statement by reference, such number of copies of the prospectus contained in such
registration statements (including each complete prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act in conformity with the requirements of the Securities Act, and such other documents,
including documents incorporated by reference, as the Holders may reasonably request; 
  
 (iv) register or qualify all Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as the
Holders and the underwriters of the securities being registered, if any, shall reasonably request, to keep such registration or qualification in effect for so long as such registration statement remains in effect, and take any other action which may
be reasonably necessary or advisable to enable the Holders to consummate the disposition in such jurisdiction of the securities owned by the Holders, except that the Company shall not for any such purpose be required to qualify generally to do
business as a foreign company or to register as a broker or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(iv), or to consent to general service of process in any such jurisdiction, or to be
subject to any material tax obligation in any such jurisdiction where it is not then so subject; 
  
 (v) immediately notify the Holders at any time when the Company becomes aware that a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made, and, at the request of the Holders, promptly prepare and furnish to the Holders a reasonable number of
copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
  
 (vi) comply or continue to comply in all material respects with the Securities Act and the Exchange Act and
with all applicable rules and regulations of the Commission thereunder so as to enable any Holder to sell its Registrable Securities pursuant to Rule 144 promulgated under the Securities Act, as further agreed to in Section 6 hereof;

  
 (vii) make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first calendar month after the effective date of such registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act; 
  

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 (viii) provide a transfer agent and registrar for all Registrable Securities covered by
such registration statement not later than the effective date of such registration statement; 
  
 (ix) cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any Securities Act legend; and enable certificates for such Registrable Securities to be issued for such number of shares and registered in such names as the Holders may reasonably request in writing at least two Business
Days prior to any sale of Registrable Securities; 
  
 (x) list all Registrable Securities covered by such registration statement on any securities exchange or national quotation system on which any such class of securities is then listed or quoted and cause to be satisfied all requirements and
conditions of such securities exchange or national quotation system to the listing or quoting of such securities that are reasonably within the control of the Company including, without limitation, registering the applicable class of Registrable
Securities under the Exchange Act, if appropriate, and using commercially reasonable efforts to cause such registration to become effective pursuant to the rules of the Commission; 
  
 (xi) in connection with any sale, transfer or other disposition by any Holder of any Registrable Securities
pursuant to Rule 144 promulgated under the Securities Act, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold and not bearing any Securities Act legend, and
enable certificates for such Registrable Securities to be for such number of shares and registered in such name as the Holders may reasonably request in writing at least three Business Days prior to any sale of Registrable Securities; 
  
 (xii) notify each Holder, promptly after it shall receive
notice thereof, of the time when such registration statement, or any post-effective amendments to the registration statement, shall have become effective, or a supplement to any prospectus forming part of such registration statement has been filed
or when any document is filed with the Commission which would be incorporated by reference into the prospectus; 
  
 (xiii) notify each Holder of any request by the Commission for the amendment or supplement of such registration statement or prospectus
for additional information; and 
  
 (xiv) advise
each Holder, promptly after it shall receive notice or obtain knowledge thereof, of (A) the issuance of any stop order, injunction or other order or requirement by the Commission suspending the effectiveness of such registration statement or the
initiation or threatening of any proceeding for such purpose and use all commercially reasonable efforts to prevent the issuance of any stop order, injunction or other order or requirement or to obtain its withdrawal if such stop order, injunction
or other order or requirement should be issued, (B) the suspension of the registration of the subject shares of the Registrable Securities in any state jurisdiction and (C) the removal of any such stop order, injunction or other order or requirement
or proceeding or the lifting of any such suspension. 
  
 b. In
connection with the filing of any registration statement covering Registrable Securities, each Holder shall furnish in writing to the Company such information regarding such Holder (and any of its Affiliates), the Registrable Securities to be sold,
the intended method of distribution of such Registrable Securities and such other information requested by the Company as is necessary or advisable for inclusion in the registration statement relating to such offering pursuant to the Securities

  

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 Act. Such writing shall expressly state that it is being furnished to the Company for use in the preparation of a
registration statement, preliminary prospectus, supplementary prospectus, final prospectus or amendment or supplement thereto, as the case may be. 
  
 Each Holder agrees by acquisition of the Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 4(a)(v), such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the registration statement relating to such Registrable Securities until such Holder’s receipt of the copies
of the supplemented or amended prospectus contemplated by Section 4(a)(v); (ii) upon receipt of any notice from the Company of the happening of any event of the kind described in clause (A) of Section 4(a)(xiv), such Holder will
discontinue its disposition of Registrable Securities pursuant to such registration statement until such Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiv); and (iii) upon receipt of any notice from the Company
of the happening of any event of the kind described in clause (B) of Section 4(a)(xiv), such Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement in the applicable state jurisdiction(s) until such
Holder’s receipt of the notice described in clause (C) of Section 4(a)(xiv). 
  
 Section 5. Indemnification. 
  
 a. Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder, its partners, officers, directors, trustees, stockholders, employees, agents and investment advisers, and each Person, if any, who
controls such Holder within the meaning of the Securities Act or the Exchange Act, together with the partners, officers, directors, trustees, stockholders, employees, agents and investment advisers of such controlling person, against any losses,
claims, damages, and expenses (including, without limitation, reasonable attorneys’ fees), joint or several, to which the Holders or any such indemnitees may become subject under the Securities Act or otherwise, insofar as such losses, claims,
damages, liabilities and expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the registration
statement under which such Registrable Securities were registered and sold under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or arising out of or
based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or any violation of the
Securities Act or state securities laws or rules thereunder by the Company relating to any action or inaction by the Company in connection with such registration, and the Company will reimburse each Holder for any reasonable legal or any other
expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceedings; provided, however, that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged statement or omission or alleged omission made in such registration statement, any such
preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by any Holder specifically stating that it is for use in the preparation
thereof; and provided, further, that the Company shall not be liable to the Holders or any other Person who controls such Holder within the meaning of the Securities Act or the Exchange Act in any such case to the extent that any such
loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of such Person’s failure to send or give a copy of the final prospectus or supplement to the Persons asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was corrected in such final prospectus or supplement. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the Holders or any such controlling Person and shall survive the transfer of such securities by the Holders. 
  

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 b. Indemnification by the Holders. Each Holder agrees to indemnify and hold harmless (in the same
manner and to the same extent as set forth in Section 5(a)) the Company, each member of the Board, each officer, employee, agent and investment adviser of the Company and each other Person, if any, who controls any of the foregoing within the
meaning of the Securities Act or the Exchange Act, with respect to any untrue statement or alleged untrue statement of a material fact in or omission or alleged omission to state a material fact from such registration statement, any preliminary
prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with
written information furnished to the Company by such Holder regarding such Holder giving such indemnification specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any such Board member, officer, employee, agent, investment adviser or
controlling Person and shall survive the transfer of such securities by any Holder. The obligation of a Holder to indemnify will be several and not joint, among the Holders of Registrable Securities and the liability of each such Holder of
Registrable Securities will be in proportion to and limited in all events to the net amount received by such Holder from the sale of Registrable Securities pursuant to such registration statement. 
  
 c. Notices of Claims, etc. Promptly after receipt by an indemnified
party of notice of the commencement of any action or proceeding involving a claim referred to in the preceding paragraphs of this Section 5, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying
party, give written notice to the latter of the commencement of such action; provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
under the preceding paragraphs of this Section 5, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to assume the defense thereof, for itself, if
applicable, together with any other indemnified party similarly notified, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to the
indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof. 
  
 d. Indemnification Payments. To the extent that the indemnifying party does not assume the defense of an action brought against the indemnified
party as provided in Section 5(c), the indemnified party (or parties if there is more than one) shall be entitled to the reasonable legal expenses of common counsel for the indemnified party (or parties). In such event, however, the
indemnifying party will not be liable for any settlement effected without the written consent of such indemnifying party, which consent shall not be unreasonably withheld. The indemnification required by this Section 5 shall be made by
periodic payments of the amount thereof during the course of an investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. The indemnifying party shall not settle any claim without the consent of the
indemnified party unless such settlement involves a complete release of such indemnified party without any admission of liability by the indemnified party. 
  
 e. Contribution. If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage or liability, (i) in 
  

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 such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission) or (ii) if the allocation provided by subclause (i) above is not permitted by applicable law or provides a
lesser sum to the indemnified party than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the indemnifying party and the indemnified party, but also the relative benefits received by
the indemnifying party on the one hand and the indemnified party on the other, as well as any other relevant equitable considerations. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation, and the liability for contribution of each Holder of Registrable Securities will be in proportion to and limited in all
events to the net amount received by such Holder from the sale of Registrable Securities pursuant to such registration statement. 
  
 Section 6. Market Stand-Off Agreement. Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of
securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Securities (other than to donees or partners of the Holder who
agree to be similarly bound) within seven days prior to and for up to 90 days following the effective date of a registration statement of the Company filed under the Securities Act or the date of an underwriting agreement with respect to an
underwritten public offering of the Company’s securities (the “Stand-Off Period”); provided, however, that: 
  
 a. with respect to the Stand-Off Period, such agreement shall not be applicable to the Registrable Securities to be sold on the Holder’s behalf to
the public in an underwritten offering pursuant to such registration statement; 
  
 b. all executive officers and directors of the Company then holding Common Stock of the Company shall enter into similar agreements; 
  
 c. the Company shall use commercially reasonable efforts to obtain similar agreements from each 5% or greater shareholder of
the Company; and 
  
 d. the Holders shall be allowed any
concession or proportionate release allowed to any (i) officer, (ii) director or (iii) other 5% or greater shareholder of the Company that entered into similar agreements. 
  
 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the
certificates representing the Registrable Securities subject to this Section 6 and to impose stop transfer instructions with respect to the Registrable Securities and such other Common Shares of each Holder (and the Common Shares or securities of
every other person subject to the foregoing restriction) until the end of such period. 
  
 Section 7. Covenants Relating To Rule 144. At such times as the Company becomes obligated to file reports in compliance with either Section 13 or 15(d) of the Exchange Act, the Company covenants that it will
file any reports required to be filed by it under the Securities Act and the Exchange Act and that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable Holders to sell
Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule 
  

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 may be amended from time to time or (b) any similar rule or regulation hereafter adopted by the Commission. Upon the
request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 
  
 Section 8. Miscellaneous. 
  
 a. Termination; Survival. The rights of each Holder under this Agreement shall terminate upon the date that all of the Registrable Securities held
by such Holder may be sold during any three-month period in a single transaction or series of transactions without volume limitations under Rule 144 (or any successor provision) under the Securities Act. Notwithstanding the foregoing, the
obligations of the parties under Section 5 and paragraphs (d), (e) and (g) of this Section 8 shall survive the termination of this Agreement. 
  
 b. Expenses. All Registration Expenses incurred in connection with any Shelf Registration under Section 2 shall be borne by the Company,
whether or not any registration statement related thereto becomes effective. 
  
 c. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been
signed by each of the parties and delivered to each of the other parties. 
  
 d. Applicable Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. The parties consent to the exclusive jurisdiction of the United States
District Court for the Southern District of New York in connection with any civil action concerning any controversy, dispute or claim arising out of or relating to this Agreement, or any other agreement contemplated by, or otherwise with respect to,
this Agreement or the breach hereof, unless such court would not have subject matter jurisdiction thereof, in which event the parties consent to the jurisdiction of the State of New York. The parties hereby waive and agree not to assert in any
litigation concerning this Agreement the doctrine of forum non conveniens. 
  
 e. Waiver Of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 

 
 f. Prior Agreement; Construction; Entire Agreement. This Agreement,
including the exhibits and other documents referred to herein (which form a part hereof), constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior agreements and understandings between the
parties, and all such prior agreements and understandings are merged herein and shall not survive the execution and delivery hereof. 
  
 g. Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or
sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service or be telecopier and shall be deemed given when so delivered by hand or, if mailed, three days after mailing (one Business Day in the case of
express mail or overnight courier service), addressed as follows: 
  

			
	 If to the Holder:
	 	To the address indicated for such Holder in Schedule 1 hereto.

  

 10 









			
	 If to the Company:
	 	 Extra Space Storage Inc.
 2795 E. Cottonwood Parkway, #400
 Salt Lake City, Utah 84121
 Attention: Charles Allen, Esq.
 Facsimile: 801-562-5579

		
	 	 	 with a copy to:
  

Clifford Chance US LLP
 31 West 52nd Street
 New York, New York 10019
 Attention: Jay L. Bernstein
 Facsimile: 212-878-8375


  
 h. Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may assign its rights or obligations hereunder to
any successor to the Company’s business or with the prior written consent of Holders of a majority of the then outstanding Registrable Securities. Notwithstanding the foregoing, no assignee of the Company shall have any of the rights granted
under this Agreement until such assignee shall acknowledge its rights and obligations hereunder by a signed written agreement pursuant to which such assignee accepts such rights and obligations. 
  
 i. Headings. Headings are included solely for convenience of reference
and if there is any conflict between headings and the text of this Agreement, the text shall control. 
  
 j. Amendments And Waivers. The provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company and
the Holders of a majority of the Registrable Securities; provided, however, that the provisions of this Agreement may not be amended or waived without the consent of the Holders of all the Registrable Securities adversely affected by
such amendment or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect all of the Registrable Securities; provided, further, that the provisions of the preceding
provision may not be amended or waived except in accordance with this sentence. Any waiver, permit, consent or approval of any kind or character on the part of any such Holders of any provision or condition of this Agreement must be made in writing
and shall be effective only to the extent specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of Registrable Securities and the Company. 
  
 k. Interpretation; Absence Of Presumption. For the purposes hereof,
(i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,” “herein,” and “herewith”
and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, paragraph or other references are to the Sections, paragraphs, or
other references to this Agreement unless otherwise specified, (iii) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires
or unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) provisions shall apply, when appropriate, to successive events and transactions. 
  
 This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against
the party drafting or causing any instruments to be drafted. 
  

 12 








 l. Severability. If any provision of this Agreement shall be or shall be held or deemed by a final
order by a competent authority to be invalid, inoperative or unenforceable, such circumstance shall not have the effect of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable, but this Agreement shall
be construed as if such invalid, inoperative or unenforceable provision had never been contained herein so as to give full force and effect to the remaining such terms and provisions. 
  
 m. Specific Performance; Other Rights. The parties recognize that various other rights rendered under this Agreement
are unique and, accordingly, the parties shall, in addition to such other remedies as may be available to them at law or in equity, have the right to enforce the rights under this Agreement by actions for injunctive relief and specific performance.

  
 n. Further Assurances. In connection with this
Agreement, as well as all transactions and covenants contemplated by this Agreement, each party hereto agrees to execute and deliver or cause to be executed and delivered such additional documents and instruments and to perform or cause to be
performed such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions and covenants contemplated by this Agreement. 

 
 o. No Waiver. The waiver of any breach of any term or condition of
this Agreement shall not operate as a waiver of any other breach of such term or condition or of any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision
hereof. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 12 








 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first
written above. 
  

			
	 EXTRA SPACE STORAGE INC.,
 a Maryland corporation

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	HOLDERS:
	
	 
	 Robert J. Agneta

	
	 
	 Dean A. Anderson

	
	 
	 Brooke Bentley

	
	 
	 Mary Bibry

	
	 
	 Andrea Bloom

	
	 
	 Robin Boswell



  








			
		
	 	 	 
	
	 
	 Teresa Lynn Buoncuore

	
	 
	 Robert L. Burns

	
	 
	 Freddy Casiano

	
	 
	 Jared Conley

	
	 
	 Monty J. Conrad

	
	 
	 Zachary T. Dickens

	
	 
	 Alexis Rebecca DiSabato

	
	 
	 Alex Engel











			
		
	 	 	 
	
	 
	 John Englar

	
	 
	 Kurt D. Erickson

	
	 
	 Sheri D. Fleischman

	
	 
	 Robin G. Glaser

	
	 
	 Curtis Graf

	
	 
	 David Grant

	
	 
	 James Hafen

	
	 
	 Jeffrey Hansen

	
	 
	 Russell Brent Hardy











			
		
	 	 	 
	
	 
	 Dayna Hathaway

	
	 
	 Garrett Holbrook

	
	 
	 Joseph F. Hood

	
	 
	 Scott J. Horsely

	
	 
	 Michael L. James

	
	 
	 Jamie Jensen

	
	 
	 Zelma Elizabeth Jensen

	
	 
	 Susan M. Kempton











			
		
	 	 	 
	
	 
	 Tiffany Knutson

	
	 
	 Todd A. Lucas

	
	 
	 Diane Manning

	
	 
	 Nicole Mardian

	
	 
	 Benjamin O. Markley

	
	 
	 Shelley Marie Matson

	
	 
	 Scott M. McIntosh

	
	 
	 Steven Mikal McKinnon











			
		
	 	 	 
	
	 
	 Michelle G. Mulick

	
	 
	 Melissa Nielsen

	
	 
	 Gayann Norton

	
	 
	 Paula M. Oliver

	
	 
	 Tricia Rakes

	
	 
	 Kerri L. Ramseyer

	
	 
	 Dennis M. Richardson

	
	 
	 Sandra Romero

	
	 
	 Brian G. Sheppard











			
		
	 	 	 
	
	 
	 Michael St. Clair

	
	 
	 James M. Stevens

	
	 
	 Peter Scott Stubbs

	
	 
	 Richard S. Tanner

	
	 
	 Gerald Valle

	
	 
	 David A. Vivancos

	
	 
	 Linda Webb

	
	 
	 Karl Wenger











			
		
	 	 	 
	
	 
	 Kenneth M. Woolley

	
	 
	 Daveco Extra, L.L.C.

	
	 
	 David Husman

	
	 
	 Michael Husman

	
	 
	Thomas T. Johnson and Marianne Johnson, trustees of the Johnson Family Trust
	
	 
	 Kirschner Family LP

	
	 
	 KLST 658 Venice, LLC

	
	 
	 KLST Partnership

	
	 
	 David Lackland











			
		
	 	 	 
	
	 
	 Liebes Family Properties, L.P.

	
	 
	Gerald Marks & Natalie Marks, trustees under the Gerald & Natalie L. Marks Living Trust
	
	 
	 Mort’s Associates

	
	 
	 Adam Sackler Trust

	
	 
	Robert J. Sokol and Phyllis Y. Sokol, Trustees of the Robert J. & Phyllis Y. Sokol Living Trust
	
	 
	 SSA Ventures, LLC

	
	 
	 Norm Tamkin, trustee of the Tamkin Living Trust

	
	 
	 Robert Tamkin & Nancy Tamkin Revocable Trust

	
	 
	 Ronald and Rochelle Tamkin Trust











			
		
	 	 	 
	
	 
	 Sandra Tamkin

	
	 
	 Steven Tamkin

	
	 
	 * Charles Allen, for himself and as attorney-in-fact for the individuals listed on Schedule A hereto.










 Schedule A 
 Olga Alexzanders 
 Timothy Arthurs 
 Kenneth R. Beck 
 K. Bruce Boucher 
 Deborah D. Bridges 
 Margaret W. Busse 
 Kent W. Christensen 
 DRS, LLC 
 Durham Capital, LLC 
 Anthony Fanticola & JoAnn Fanticola Family Limited Partnership 
 The Anthony Fanticola and JoAnn Fanticola Family Trust dated March 14, 1986, as amended and restated May 26, 2001 
 Stephen T. Foley 
 C. Ray and Roberta T. Graham as JTWROS 
 The High Family Trust dated 12/31/00 
 William E. Hoban 
 Ann Maureen King 
 The Kirk 101 Trust 
 The SFKC Kirk Charitable Remainder Unitrust 
 The Morton and Sally Ann Kirshner Trust 
 Krispen Family Holdings, L.C. 
 Mark M. Landes 
 Nat Landes 
 The John and Gail Liebes Trust 
 The Bessie Long Foster Family Trust 
 Rachel W. Mackay 
 Dwight Manley 
 Joshua Benegal Marks 
 Jonathan Bowles Marks 
 Terri T. Mitchell 
 Deborah A. Muse 
 M. Don Nelson 
 Paul Ohadi, Trustee 
 James L. Overturf 
 The Pecht Family Trust 
 Kenneth and Janet Perry 
 Roger B. Porter 
 David L. Rasmussen 
 Larendee B. Roos 
 Jonathan G. Ropner 
 Paul B. P. Ropner 
 The Allen B. Sackler Grantor Retained Annuity Trust # 1 
 The SBS Charitable Trust 
 Robert Strandt, Jr. 
 The Ronald and Rochelle Tamkin Trust 
 Tanner Storage LLC 
 Athelia S. Tanner 
 Mark S. and Ann E. Tanner 
 Richard F. Weggeland Family Trust 
 The Weiss Trust 







 Guy V. Whitworth 
 Woolley
Storage LLC 
 Athelia K. Woolley 
 Ginger Woolley 
 John T. Woolley 
 Kenneth T. Woolley 
 Roberta Woolley 
 Sarah Jane Woolley 
 Florence M. Yancey